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Sovereign Wealth Funds Briefing 14.May 2012

Posted on 14 May 2012 by VRS |  Email |Print

Ngozi Okonjo-IwealaNigeria’s $1 billion sovereign-wealth fund is set to start operating in the next few months, said the country’s finance minister Ngozi Okonjo-Iweala, in what would mark a crucial step to help the governement finance the revamping of its ramshackle roads and power grids.
Ms. Okonjo-Iweala, in an interview with The Wall Street Journal on the sidelines of the World Economic Forum, said the $1 billion will be pulled from Nigeria’s Excess Crude Account, which also funds the country’s fuel subsidy………………………………………..Full Article: Source

Posted on 14 May 2012 by VRS |  Email |Print

At the on-going World Economic Forum at Addis Ababa, Ethiopia the Nigerian minister of finance, Dr. Okonjo-Iweala spoke to Wall Street Journal on the country’s sovereign wealth fund (SWF). She confirmed that $1 Billion was withdrawn from Excess Crude Account and was used as seed money to establish Nigeria’s sovereign wealth fund.
The Excess Crude Account was also the source for funding of fuel subsidy. The government of President Jonathan made an attempt to completely remove fuel subsidy in order to replenish the account. The idea was to divert the fund from subsidy into upgrading and providing of the badly needed infrastructure in the country………………………………………..Full Article: Source

Posted on 14 May 2012 by VRS |  Email |Print

Gas-rich Qatar is ploughing more of its commodity wealth back into the sector with the purchase of a major stake in Royal Dutch Shell while also reportedly eyeing a chunk of Italian oil major ENI.
A Shell spokeswoman confirmed the purchase while declining to detail its size but the Middle East Economic Survey (MEES) reported earlier that Qatar’s sovereign wealth fund (QIA) was looking at a 3-5 percent stake………………………………………..Full Article: Source

Posted on 14 May 2012 by VRS |  Email |Print

Royal Dutch Shell said it welcomed Qatar as a “major” investor following a report saying that the Gulf state’s sovereign wealth fund was planning to buy a 3-5 percent stake.
“We are delighted to welcome the Qatar Investment Authority as a long term and major shareholder in Shell, and particularly given our excellent strategic relationship with the Qatari state,” a spokeswoman said in a statement………………………………………..Full Article: Source

Posted on 14 May 2012 by VRS |  Email |Print

Italian oil and gas group Eni declined to comment on a report that Qatar’s sovereign wealth fund was in negotiations to buy a stake in its capital, a spokeswoman said on Friday.
Qatar’s sovereign wealth fund is in “very advanced talks” to buy a 3 to 5 percent stake in Royal Dutch Shell and is also negotiating a stake in Italy’s ENI, according to a report in the Middle East Economic Survey………………………………………..Full Article: Source

Posted on 14 May 2012 by VRS |  Email |Print

Conglomerate Dubai Investments posted a 6.3 percent rise in quarterly net profit on Sunday and said the company was reviewing opportunities to divest some of its businesses.
The firm, in which sovereign wealth fund Investment Corporation of Dubai (ICD) owns an 11.5 percent stake, made a net profit of AED107.5m ($29.3m) for the first-quarter, compared with 101.1 made in the same period in 2011………………………………………..Full Article: Source

Posted on 14 May 2012 by VRS |  Email |Print

Abu Dhabi fund Aabar Investments has raised its stake in Arabtec Holding to 53 percent, a market official said on Sunday, effectively taking control of Dubai’s largest builder after a failed $1.7 billion bid two years ago.
The state-owned fund, which owns stakes in high-profile names such as German carmaker Daimler, commodities trader Glencore and Italy’s UniCredit, had been buying up shares in recent weeks through subsidiaries and owned a 10.45-percent in Arabtec as at end April………………………………………..Full Article: Source

Posted on 14 May 2012 by VRS |  Email |Print

The Norwegian sovereign wealth fund has emerged as the frontrunner to acquire a majority stake in Meadowhall in a deal that values the Sheffield shopping centre at £1.6bn.
Norges Bank Investment Management is closing in on a deal with the centre’s owners London & Stamford and British Land to buy 75pc of the centre for around £1.2bn, although the talks are thought to be complicated and a deal could still be weeks away………………………………………..Full Article: Source

Posted on 14 May 2012 by VRS |  Email |Print

The government has asked the International Monetary Fund (IMF) to carry out a study on setting up a hydrocarbons fund to manage the country’s gas wealth for future generations, Commerce Minister Neoclis Sylikiotis revealed.
Speaking from Paphos, Sylikiotis said the government was working methodically to create the necessary infrastructure to handle the hydrocarbon reserves in Cyprus’ Exclusive Economic Zone (EEZ). Cabinet already decided on the creation of a national hydrocarbons company, while the legal service has been asked to prepare its charter, he said………………………………………..Full Article: Source

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